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|Murray H. Gross||Brett Maas|
|Chairman & CEO||Hayden IR|
|Email: firstname.lastname@example.org||Email: email@example.com|
|(214) 488-6300||(646) 536-7331|
U.S. HOME SYSTEMS REPORTS FINANCIAL RESULTS FOR FOURTH QUARTER
AND YEAR ENDED DECEMBER 31, 2010
Revenues Increase 23% in Fourth Quarter
DALLAS, TX, March 17, 2011 U.S. Home Systems, Inc. (NasdaqNGM: USHS) today reported financial results for the fourth quarter and year ended December 31, 2010. USHS is engaged in the specialty products home improvement business. The Companys principal product lines include kitchen cabinet refacing products, bathroom remodeling products, storage organization systems for closets and garages and related accessories.
For the fourth quarter, USHS revenues increased 23% to $38.0 million as compared to $30.9 million in the fourth quarter 2009.
Net income for the fourth quarter 2010 was $708,000 or $0.10 per share. During the quarter USHS recorded a pre-tax benefit of $370,000 for partial reimbursement of legal fees which the Company incurred defending certain class action lawsuits, which had been settled. Excluding this non-recurring item, USHS net income would have been $494,000 or $0.07 per share. This compares to net loss for the fourth quarter of 2009 of $1.3 million or $0.18 per share. The loss in the fourth quarter of 2009 included non-recurring pre-tax charges of $2.2 million ($1.5 million after tax) related to settlement of a class action lawsuit and an on-going sales tax matter. Excluding these charges, net income was $204,000 or $0.03 per share in the fourth quarter 2009.
Murray Gross, chairman and chief executive officer, commented, We recorded our sixth consecutive year-over-year quarterly increase in revenues and new orders in the fourth quarter. Our new orders in the fourth quarter increased 13% to $37.2 million from $32.8 million in the fourth quarter last year. This improvement demonstrates the progress we are making and the improvements in demand for our solutions.
Mr. Gross continued, We have experienced an increase in consumer interest in our kitchen refacing and countertop products since the beginning of the year when The Home Depot included the kitchen refacing category in their new kitchen marketing strategy, A Solution for Every Kitchen and Budget - Replace, Reface, Renew. We are confident that this new marketing strategy, combined with our enhanced in-store marketing initiatives and the installation of new kitchen refacing displays in all The Home Depot stores, has significantly contributed to our increased new orders and revenues.
We believe that a number of external factors have also contributed to increased consumer interest in our products during 2010 and that these factors will continue to enhance consumer interest in 2011. We know that remodeling activity is generally higher in the first 12 months of home ownership. We have seen increased demand in 2010 from recent home buyers as a result of the first time home
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The following information was filed by Us Home Systems Inc (USHS) on Friday, March 18, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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